that much and in February, El Salvador’s central bank noted that only 1.6% of remittances were sent via digital wallets.“Most users who used Chivo after spending the $30 bonus do not engage with the app intensively,” the report highlights. In fact, the NBER researchers found that the fixed cost to adopt the Chivo wallet was very large. Moreover, if it wasn’t for the, the study estimates that 75% of the Salvadorans surveyed would have never used it.
88% of Bitcoin Accepting Businesses Convert Back to Dollars, Study Concludes by Noting Bitcoin Is Not a Widely Accepted Currency in El Salvador “The elasticity of substitution between Chivo Wallet and other methods of payment seems to be large,” the study adds. “On net, among Chivo Wallet users, 10% report spending less in cash, and 11% report reducing their use of debit or credit cards since they downloaded Chivo.”Unfortunately, despite all the reporting that says otherwise, NBER’s study claims only 20% of Salvadoran businesses reported on accepting bitcoin as a medium of exchange.
“Overall, despite the legal tender status of bitcoin and the large incentives implemented by the government, the cryptocurrency is largely not an accepted medium of exchange in El Salvador,” the NBER research paper concludes.
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